Auto Loans in Somerset (KY)

Back many years ago, you needed to go from one Somerset lender to the next, looking for one who will approve you for financing. Here at Bluegrass Auto Finance, we have made this process simpler, quicker, and more convenient. We do business with a diverse network of dealers and lenders, and we have some of the best approval rates you’re likely to find. It truly is difficult to find a more convenient way to secure the financing you need.

Somerset Auto Loan Rates

Finding the the most affordable interest rate possible should be the first priority. After all, it will dictate how much you pay for your vehicle by the time it’s paid off. As one example of the impact of your credit score on your auto loan, consider these numbers.

Below, we’ve compared the same $9,416 auto loan, but with different credit scores and interest rates:

Good Credit Bad Credit
Sum $9,416 $9,416
Loan Rate 3.50% 12.00%
Months 60 60
Total Interest $862 $3,151

Finance companies need to know more in order to give you an annual percentage rate. Go here to apply online.

Auto Loans for Used Cars in Somerset

More often than not, smart shoppers keep away from new vehicles, buying preowned ones instead. Used autos come with higher finance fees, but down payments are not but 50% of what they are for new vehicles that are priced the same. Worried you’ll face repairs and maintenance issues? This can be reduced by choosing a late model car or truck or purchasing an extended warranty. All in all, you may end up congratulating yourself for buying a used car or truck.

Somerset Auto Loans with Bad Credit

There are a few drawbacks to auto loans with bad credit:

  • You have to pay more in interest.
  • You have to have a larger down payment.
  • You have to pay back the loan in fewer months.

This is the good news: there are loan companies and dealers in Somerset that accomodate people with credit problems. When you apply online through us, our team works to find you a lender or dealer within driving distance who wants to accept you as a client.

Clearing up Your Credit Report

Credit report inaccuracies are actually fairly commonplace. Have you checked that your credit hasn’t been mucked up by mistaken identity or human error?

It’s best to check your credit report no less than one time yearly. Neglecting to do this could bring about higher rates, smaller loans, and less chance for approval.

Somerset Buy Here Pay Here Financing

Buy here pay here dealerships would love you to believe that you haven’t any option but them. However, this usually isn’t the way it is. They might not check your credit, which means your credit problems ought not be a hindrance, but you really pay for this down the road.

Downsides include:

  • Outrageous APR Rates
  • Exorbitant Down Payments
  • Steeply-Priced Cars and Trucks
  • Aggressive Repossession Tactics

That isn’t all: these dealers almost never report to the credit reporting agencies, which means you could make each and every payment month after month without any lift in your FICO score.

Loan Pre-approvals for Somerset Consumers

Want to know what size car loan you’ll be able to secure based on your income and credit? These figures presume an income of $1,177 per month, which is typical of the average Somerset resident.

Credit History Multiplier Loan Amount
Good Credit 10 $11,770
Decent Credit 9 $10,593
Slow Credit 8 $9,416
Bad Credit 7 $8,239
Really Bad Credit 6 $7,062

But don’t forget: there is how much you’re able to finance, and the amount is wise. How much you should invest in a new car or truck depends on a variety of factors. The numbers in the table below are based upon a monthly payment of $94, which is 8% of the average consumer’s monthly income in Somerset, combined with a 20% down payment and 60 month repayment terms. Annual percentage rates are approximate.

Great Credit Okay Credit Subprime Credit
Car Payment $94 $94 $94
APR 3.50% 7.00% 12.00%
Purchase Price $6,470 $5,944 $5,291
Money Down $1,294 $1,189 $1,058
Interest Paid $474 $894 $1,417
Total with Interest $6,944 $6,838 $6,708

Complete Your Online Application

Let us get you in the driver’s seat of a new car. A finance professional will walk you through the approval process, helping you get approved at a competitive rate of interest.